- USD/INR is currently trading around 70.62 marks.
- It made intraday high at 70.62 and low at 70.48 marks.
- Intraday bias remains slightly bullish till the time pair holds key support at 70.47 mark.
- Key resistances are seen at 70.82, 71.11, 71.46, 71.80, 72.17, 72.42, 72.68 and 72.89 marks respectively.
- On the other side, initial supports are seen at 70.47, 70.10, 69.76 and 69.48 marks respectively.
- Important to note here that 20D, 30D and 55D EMA heads up and confirms the bullish trend in a daily chart.
- India’s NSE Nifty was trading 0.26 pct lower at 11,441.55 points while BSE sensex was trading 0.32 points lower at 38,537.77 points.
- India Nikkei markit manufacturing PMI stands at 51.4 pct vs 51.4 previous release (expected 51.8).
We prefer to take long position on USD/INR only above 70.70, stop loss 70.47 and target of 71.11.
